Customer Success Management (CSM) Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 1.80 Billion |
| Market Size (2029) | USD 4.89 Billion |
| CAGR (2024 - 2029) | 22.18 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Customer Success Management (CSM) Market Analysis
The Customer Success Management Market size is estimated at USD 1.8 billion in 2024, and is expected to reach USD 4.89 billion by 2029, growing at a CAGR of 22.18% during the forecast period (2024-2029).
- The development of a firm can only be aided by improved, individualized customer service and the quality of the solution/service. A better customer experience must include elements that increase customer happiness and retention. By offering highly tailored client experiences, businesses hope to take advantage of an edge that might be challenging for their rivals to match. Millions of individual customers can benefit from these experiences by using private data to provide a better experience.
- The adoption of customer engagement platforms and service solutions is anticipated to be driven by factors like the adoption of cloud computing for customer satisfaction, the need for creative solutions to track customer scores and reduce turnover, and the increase in data volume as a result of digitalization, which will support the growth of the customer success platforms market.
- The dependability, scalability, flexibility, and effectiveness of cloud-based solutions in IT management are driving their increased popularity. Small businesses are ready to adopt cutting-edge solutions that pair real-time self-service analytics with cloud-based options in order to drive market expansion with the least amount of upfront expenditure. Solutions for customer success that are hosted in the cloud simplify data access and storage by providing highly scalable capabilities. The adoption of cloud-based solutions increases automation, enhances customer success, and increases the precision of predictions.
- Customer success platform vendors should have enough room to grow as a result of the increasing acceptance of cutting-edge technologies like artificial intelligence (AI) and machine learning (ML), as well as innovation in customer success platform-based start-ups. Due to the growing adoption of customer satisfaction solutions across numerous industry verticals, future market growth is estimated.
- Global demand for customer success management was affected in several ways by the Covid-19 epidemic. While some sectors of the economy experienced brief setbacks, the importance of customer success and the adoption of customer success management solutions both grew. Customer success management will continue to be essential to businesses as they work through the post-pandemic recovery period in retaining customers, increasing customer happiness, and expanding their client base.
Customer Success Management (CSM) Market Trends
Retail and E-commerce Industry to hold Significant Share
- Tracking each customer to make sure they use the product to its fullest potential is one of the most important facets of Retail Customer Success Management's task. While it's important to notify and update customers as new features and upgrades are launched, it's equally important to ask them if they have seen anything that may be improved.
- A successful customer success plan often leads to lower customer attrition and more upsell chances. Effective Customer Success Management systems are more vital as retail and e-commerce businesses interact directly with customers.
- Market vendors have embraced cutting-edge technology like IoT and AI since the epidemic to enhance the client experience. In one case, Stefanini Group used retail technology based on the Internet of Things and artificial intelligence to enhance the digital shop experience through better customer service solutions, customization, and frictionless payments. To deliver a customer experience (CX), members of the digital team combine analytics and better user experiences (UX). Additionally, the business can identify areas for development by analyzing user behavior throughout the entire client experience and having the capacity to introduce fresh UX.
- At its recent Pulse for Product Conference from the previous year, Gainsight announced the debut of Horizon AI. As a result, the business developed into a customer success platform that can use artificial intelligence (AI) to analyze data from more than eight years of usage, engagement, activity, satisfaction, and retention from a number of businesses. This enables companies to take smarter customer success actions and to link the results of these efforts to Net Revenue Retention (NRR).
- Due to its convenience, digital retailing has been gaining more industry usage. Consumers may interact with brands online, learn more, and study products due to digital retail. This may open up more chances for shops to think about using digital retailing to improve the customer experience.
North America to Dominate the Market
- The North America market is mostly expanding as a result of well-known and fresh providers establishing bases of operations there. For instance, the American company Carousel Industries provides subscription lifecycle management services, along with a customer success manager (CSM) to assist users with their subscription management and lifecycle requests, needs, and inquiries.
- To provide clients with a seamless experience across all touchpoint channels, major and medium-sized businesses in the United States have expanded their emphasis on offering multichannel services. The American Customer Satisfaction Index (ACSI), which tracks the satisfaction of consumers across the country, has been stuck at 76.7% for more than a year, signaling stagnating consumer spending.
- Business analytics tools including text, speech, and sentiment analytics are being adopted by organizations. Such initiatives are anticipated to assist businesses in comprehending the insights from unstructured data obtained from client interactions in order to offer improved digital offerings.
- Businesses like Cisco establish operational guidelines for their product lines to ensure optimal use. The Cisco Advanced Customer Pleasure (CX) Specialization recognizes a company's ability to support customers over the whole lifespan of Cisco technologies, favorably affecting customer success and satisfaction. Softchoice recently announced that it had received the Cisco Advanced Customer Experience (CX) Specialization in recognition of its broad customer success capabilities. Softchoice is one of only two Cisco partners in North America to have achieved this specialization in both the US and Canada.
- In summits and meetings hosted by industry leaders, growth is supported through cooperative efforts and information sharing. A virtual industry conference called the Customer Success was established by Catalyst Software last year and was announced during the Center conference. The summit's practical component focuses on developing workable methods to assist businesses and leaders in learning how to make customer success an inherent part of the business, boost revenue, and improve the overall customer experience.
Customer Success Management (CSM) Industry Overview
The global customer success management market is fragmented. Major players focus on partnership, innovating, and introducing new and identical solutions to maintain their market share. Some key players operating in the market include Gainsight, IBM, Salesforce, and UserIQ Inc.
- February 2022 - UserIQ, a software company that helps customer success teams reduce churn risk, identify growth possibilities, and drive user engagement, announced the release of a customer success analytics and reporting solution, and UserIQ Leverages Domo to Provide Advanced Analytics and Visual Reporting to Customer Success Teams. The Domo-powered solution addresses a growing need among customer success teams for more sophisticated data storytelling and visualization capabilities that do not require interpretation.
- September 2022 - Totango, Inc., the Composable Customer Success (CS) platform in the market that assists businesses in generating immediate value, launched Creator Campus. Totango's dedication to promoting and teaching excellence in customer success all across the world is reflected in the new online, English-language training and certification program.
Customer Success Management (CSM) Market Leaders
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Gainsight Inc.
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Salesforce.com, Inc.
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UserIQ Inc.
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IBM Corporation
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Open Text Corporation
*Disclaimer: Major Players sorted in no particular order
Customer Success Management (CSM) Market News
- June 2022 - Salesforce, one of the leading global CRM firms, has introduced new Customer 360 technologies that combine marketing, commerce, and service data on a single platform, allowing businesses to connect, automate, and personalize every encounter and develop trusted relationships at scale.
- May 2022 - Gainsight announced a partnership with Japan Cloud to make it easier for companies in the Asia-Pacific area to adopt Gainsight customer success solutions, resulting in higher net revenue retention, expanded accounts, and reduced churn. The collaboration marks a full-scale entry into APAC in response to the emergence of new SaaS business models, which has fueled the need for customer success.
Customer Success Management (CSM) Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Buyers
4.2.3 Bargaining Power of Suppliers
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Assessment of the Impact of COVID-19 on the Market
4.4 Industry Value Chain Analysis
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Rapid Adoption of Cloud-based Technology, Advanced Analytics, and Automation
5.1.2 Growing Demand for Personalized Customer Experience
5.2 Market Restraints
5.2.1 Issues in Data Synchronization and Implementation
6. MARKET SEGMENTATION
6.1 By Deployment Mode
6.1.1 Cloud
6.1.2 On-premise
6.2 By Size of Organization
6.2.1 Small and Medium Enterprise
6.2.2 Large Enterprise
6.3 By End-user Vertical
6.3.1 Healthcare
6.3.2 Retail
6.3.3 BFSI
6.3.4 IT and Telecom
6.3.5 Government
6.3.6 Other End-user Verticals
6.4 By Application
6.4.1 Sales and Marketing Management
6.4.2 Customer Experience Management
6.4.3 Risk and Compliance Management
6.4.4 Other Applications
6.5 By Geography
6.5.1 North America
6.5.2 Europe
6.5.3 Asia-Pacific
6.5.4 Latin America
6.5.5 Middle East and Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles*
7.1.1 Gainsight Inc.
7.1.2 Salesforce.com Inc.
7.1.3 UserIQ Inc.
7.1.4 IBM Corporation
7.1.5 Open Text Corporation
7.1.6 SAP SE
7.1.7 Verint Systems Inc.
7.1.8 Medallia Inc.
7.1.9 Oracle Corporation
7.1.10 Avaya Holdings Corp.
7.1.11 Tech Mahindra Limited
7.1.12 Totango
7.1.13 ClientSuccess Inc.
7.1.14 Freshworks Inc.
7.1.15 Planhat AB
7.1.16 CustomerSuccessBox
7.1.17 Armatic Technologies Inc. (BlueSnap)
7.1.18 Sitecore
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
Customer Success Management (CSM) Industry Segmentation
The primary goal of Customer Success Management is to understand an organization's customer base and focus on solving their short- and long-term needs to create a positive reputation. The study covers several customer success management platform applications, such as Sales and Marketing Management, Customer Experience Management, and Risk and Compliance Management. It also describes various end-user industries such as healthcare, retail, and government utilizing these management tools.
The customer success management market is segmented by deployment mode (cloud, on-premise), size of organization (small and medium enterprise, large enterprise), end-user vertical (healthcare, retail, BFSI, IT and telecom, government), application (sales and marketing management, customer experience management, risk and compliance management), and geography (North America, Europe, Asia Pacific, Middle East & Africa and Latin America). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
| By Deployment Mode | |
| Cloud | |
| On-premise |
| By Size of Organization | |
| Small and Medium Enterprise | |
| Large Enterprise |
| By End-user Vertical | |
| Healthcare | |
| Retail | |
| BFSI | |
| IT and Telecom | |
| Government | |
| Other End-user Verticals |
| By Application | |
| Sales and Marketing Management | |
| Customer Experience Management | |
| Risk and Compliance Management | |
| Other Applications |
| By Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| Latin America | |
| Middle East and Africa |
Customer Success Management (CSM) Market Research FAQs
How big is the Global Customer Success Management Market?
The Global Customer Success Management Market size is expected to reach USD 1.80 billion in 2024 and grow at a CAGR of 22.18% to reach USD 4.89 billion by 2029.
What is the current Global Customer Success Management Market size?
In 2024, the Global Customer Success Management Market size is expected to reach USD 1.80 billion.
Who are the key players in Global Customer Success Management Market?
Gainsight Inc., Salesforce.com, Inc., UserIQ Inc., IBM Corporation and Open Text Corporation are the major companies operating in the Global Customer Success Management Market.
Which is the fastest growing region in Global Customer Success Management Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Customer Success Management Market?
In 2024, the North America accounts for the largest market share in Global Customer Success Management Market.
What years does this Global Customer Success Management Market cover, and what was the market size in 2023?
In 2023, the Global Customer Success Management Market size was estimated at USD 1.47 billion. The report covers the Global Customer Success Management Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Customer Success Management Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Customer Success Management Industry Report
The Customer Success Management market is experiencing significant growth and transformation across various segments. The market is segmented by deployment mode, including cloud and on-premise solutions, catering to the needs of small and medium enterprises as well as large enterprises. Key end-user verticals driving this market include healthcare, retail, BFSI, IT and telecom, and government sectors.
The application areas within Customer Success Management are diverse, encompassing sales and marketing management, customer experience management, and risk and compliance management. The market spans multiple geographies, with North America, Europe, Asia-Pacific, and the Middle East and Africa being key regions of focus.
Industry reports highlight the market growth and the various trends shaping the industry. Detailed market analysis and market research provide insights into the market size and market share of different segments. The industry overview and industry statistics offer a comprehensive view of the market dynamics.
Market leaders are emerging, driven by the increasing demand for effective customer success strategies. The market forecast and market predictions suggest a positive industry outlook, with substantial growth anticipated in the coming years. The industry trends and market value are indicative of the evolving landscape and the opportunities that lie ahead.
For a more detailed examination, the report example and report PDF provide extensive industry information and industry research. The industry sales and industry size are crucial metrics that underline the market's expansion. Market segmentation and market data further break down the specifics, offering a granular view of the market.
In summary, the Customer Success Management market is poised for robust growth, with various factors contributing to its expansion. The market review and market overview encapsulate the key elements driving this growth, making it a vital area for businesses to focus on.
